Explanation Given: If you borrow P dollars at a monthly rate of r and wish to pay off the loan in t months, then the monthly payment is given by the function, M ( P , r , t ) = Pr ( 1 + r ) t ( 1 + r ) t − 1 in dollars. Approach: The value of any function M ( a , b , c ) if function M ( P , r , t ) is given, can be calculated by substituting a for P , b for r and c for t in that function. Calculation: Substitute 5500 for P , 0.01 for r and 24 for t to find the value of the function M ( 5500 , 0.01 , 24 ) . M ( P , r , t ) = ( 5500 ) ( 0 To determine (b) To express: The monthly payment for a loan of $ 8000 at a monthly rate of 0.6 % paid over 36 months in functional notation, and the value of monthly payment as well.

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN: 9781337111348

Author: Bruce Crauder, Benny Evans, Alan Noell

Publisher: Cengage Learning

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Chapter 1.CR, Problem 11CR

To determine

(a)

To calculate:

The value of the function M(9500,0.01,24) and the explanation of answer in practical terms.

To determine

(b)

To express:

The monthly payment for a loan of $8000 at a monthly rate of 0.6% paid over 36 months in functional notation, and the value of monthly payment as well.

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Chapter 1.CR, Problem 10CR

Chapter 1.CR, Problem 12CR

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Chapter 1 Solutions

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

Ch. 1.1 - Explain the meaning of G(4,3,2) and calculate its...Ch. 1.1 - What is your monthly payment if you borrow 5000 at...Ch. 1.1 - Movie Tickets According to information provided by...Ch. 1.1 - McDonalds The formula M(t)=1.19t+13.22 gives the...Ch. 1.1 - Speed from Skid Marks When a car makes an...Ch. 1.1 - Harris-Benedict Formula Your basal metabolic rate...Ch. 1.1 - Reminder Round all answers to two decimal places...Ch. 1.1 - Gross Profit Margin The gross profit margin is a...Ch. 1.1 - Tax Owed The income tax T owed in a certain state...Ch. 1.1 - Reminder Round all answers to two decimal places...

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(a) To calculate: The value of the function M ( 9500 , 0.01 , 24 ) and the explanation of answer in practical terms.

Solution Summary: The author explains the value of the function M(9500,0.01,24) and the explanation of answer in practical terms.

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(a)

To calculate:

The value of the function M(9500,0.01,24) and the explanation of answer in practical terms.

(b)

To express:

The monthly payment for a loan of $8000 at a monthly rate of 0.6% paid over 36 months in functional notation, and the value of monthly payment as well.

Want to see the full answer?

Chapter 1 Solutions

(a) To calculate: The value of the function M ( 9500 , 0.01 , 24 ) and the explanation of answer in practical terms.

Solution Summary: The author explains the value of the function M(9500,0.01,24) and the explanation of answer in practical terms.

Concept explainers

Videos

(a) To calculate: The value of the function M(9500,0.01,24) and the explanation of answer in practical terms.

(b) To express: The monthly payment for a loan of $8000 at a monthly rate of 0.6% paid over 36 months in functional notation, and the value of monthly payment as well.

Want to see the full answer?

Chapter 1 Solutions

(a)

To calculate:

The value of the function M(9500,0.01,24) and the explanation of answer in practical terms.

(b)

To express:

The monthly payment for a loan of $8000 at a monthly rate of 0.6% paid over 36 months in functional notation, and the value of monthly payment as well.